Sunday 24 June 2018

Citi, BNP top lenders to Saudi groups says report

Riyadh, June 24, 2009

BNP Paribas and Citigroup figure among the biggest lenders to Saudi billionaire Maan Al-Sanea with a 16 percent share of $6.3 billion in syndicated loans to him and the Algosaibi family, Bloomberg News reported on Wednesday.

Both Algosaibi and Saad Group have said they are restructuring their debt, which totals around $10 billion, according to unconfirmed reports.

Bloomberg cited a list of 37 creditors that provided $5.6 billion to Saad Group, saying France's BNP loaned about $475 million to Saad Group and $47.5 million to Ahmad Hamad Algosaibi & Brothers Co (AHAB).

Citigroup loaned $500 million to Saad, the report said.

The third largest creditor is Jordan's Arab Bank with a $350 million loan to Saad and $40 million to Algosaibi.

Samba Financial Group is owed $300 million by Saad Group, Belgium's Fortis Bank loaned $250 million to Saad, and HSBC provided $200 million to Saad, Bloomberg said. - Reuters

Tags: Saudi | Citi | BNP | Saad |

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